The crisis facing Social Security is staring us in the face. Yet, congress after congress and president after president have lacked the political courage to address the program’s declining trajectory. The longer Washington waits to address Social Security, the more disruptive the repairs will have to be.
Although Millennials are decades away from receiving Social Security, Millennials should deeply care about this program–and its imminent collapse.
First, Millennials are already paying into the program. And, in fact, it may be shocking to many Millennials to learn that the money they are paying in now is going to fund the benefits being paid out now to seniors. It was never intended to be a personal retirement savings account. There’s no such thing as the storied “lockbox.”
Second, Millennials will have to bear the expense of funding any Social Security shortfalls that come in the next several decades.
For these reasons, Generation Opportunity conducted a nationwide survey to understand what people (of all ages) know about the program and how people think lawmakers should address the program. Select results are available here, and a quick list of key findings are below:
• Even though the national debt and spending are among the top issues for voters of all ages, few know that entitlement programs like Social Security and Medicare are the biggest drivers of our debt.
• Washington lacks the confidence of most Americans: 52 percent of all adults have greater trust in themselves than in government to meet their needs in retirement.
• Fifty-four percent of Millennial support changes to Social Security that allow younger people to choose not to receive Social Security in exchange for a lower payroll tax.
Again, click here to learn more about what Americans think about Social Security.